THE UNITED STATES SENATE VOTED THIS WEEK OR PUSHED FORWARD ON THE CARITY BILL, WITH THE 60-VOTE THRESHOLD AS THE BIGGEST OBSTACLE

On 27 July, the United States Senate Republicans planned this week to move the CARITY Act into a formal review process, and Senate majority leader John Thorne hoped to move the bill forward before the August recess. According to the agenda, the Republican party may first submit a motion to close the debate, a procedure that requires 60 senators to move forward. However, there is still a gap between the current bill and the threshold of 60 votes, and Democratic support is key. Before, seven Democratic senators stated that the latest version of the CLARITY bill was still "insufficiently developed " in terms of ethical provisions, illegal financial regulation and conflict-of-interest provisions. The Republican Party is negotiating with the Democrats to amend the relevant provisions to gain cross-party support. In addition, there are uncertainties within the Republican party. The attitude of Republican senators, such as Josh Hawley and Rand Paul, who had previously opposed the GENIUS bill, continued to be of concern in the absence of Mickey McConnell, who was expected to have a limited presence in the Senate. At the same time, US SEC Commissioner Hester Pierce warned that placing traditional financial products on the chain by the encryption industry did not mean automatically circumventing securities regulation. She indicated that some of the encrypted Vault products, if they were managed by a third party on its own initiative, might qualify as investment funds and would need to comply with the requirements of securities law. According to Pierce, the SEC does not regulate the code itself for developers, but enterprises cannot assume that different regulatory rules apply simply because the business is deployed in the chain. She suggested that projects should seek legal advice in advance of the design of products and communicate with regulators。